In January of each year, the University of Missouri System provides secure electronic access at to an IRS Form T for all students who had qualified tuition and other related educational expenses billed to them during the previous calendar year. If the form is not electronically accessed, it is mailed at the end of January. The IRS instructs institutions to report either payments received Box 1 or amounts billed for qualified tuition and related expenses Box 2 on the T.
Once an institution has selected one of these options, they cannot change reporting methods between calendar years without IRS permission. Qualified tuition and related expenses refer to tuition and required fees, such as information technology, student activity and supplemental fees, a student must pay to be enrolled at or attend an eligible education institution.
Charges and fees for room, board, insurance, health service fee, transportation, personal, living and other family expenses. The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that the cost of the books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution.
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The University is required to provide the "amounts billed" and "scholarship or grant" figures to help you determine the amount of qualified expenses you can claim on your IRS Form Per Internal Revenue Code Section 25A, taxpayers may claim an education tax credit only with respect to qualified tuition and related expenses paid not billed during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid.
Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication for information to determine your qualified expenses paid amount. If you are a parent looking for this information, please ask your student to access this information for you. This box shows the amount of any tuition and fees reductions in the current calendar year for charges that were billed in a previous calendar year.
The figure in Box 5 includes scholarships, grants, waivers and, if applicable, payments made by a third party under formal billing arrangements i. Institutions may elect to report either the aggregate amount of payments received for qualified tuition and related expenses box 1 or the aggregate amount billed for qualified tuition and related expenses box 2 during the calendar year with respect to individuals enrolled for any academic period.
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Missouri Southern State University provides amounts billed box 2 on T forms. This is Missouri Southern State University policy and is not determined on a case-by-case basis. Your T will report any amount invoiced to your account from January 1 to December 31 of the tax year, not the amount paid. Box 7 will be checked on your form showing that your amount in Box 2 includes amounts for terms beginning in the first 3 months of the next year.
Qualified tuition and related expenses are tuition and costs required for enrollment or attendance at an eligible educational institution that were paid on or after January 1 and on or before December 31 of the tax year. They do not include room and board, student activities, athletics unless the course is part of the degree program , insurance, health services, equipment, transportation, or other similar personal, living or family expenses.
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Loan funds should be considered in the same manner as cash payments when calculating the Lifetime Learning Credit or the American Opportunity Tax Credit. However, scholarships, grants, or other non-taxable aid must be deducted from the amount of qualified tuition and related expenses paid. This includes payments received from governmental and private entities such as the Department of Defense, civic, and religious organizations, and nonprofit entities. Box 4 represents the total of any negative charges on your student account which relate to amounts billed on the prior year T.
The amount of scholarships or grants for the calendar year including those not reported by the institution may reduce the amount of any allowable tuition and costs deduction or the education credit you may claim for the year.
Box 6 represents the total of any reduction to the amount of scholarships or grants that were reported on the prior year T. Box 9 is checked if you are a graduate student or enrolled in a program or programs leading to a graduate-level degree, graduate level certificate, or other recognized graduate-level educational credential. For most international students, the answer is no. Find a Form Find a Form. Online Services.
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Individual Income Tax Tax information, online services, and electronic filing information. Electronic Filing File your Individual Income Tax return online for the safest and easiest filing method. Lien Search Search for certificate of tax liens by case number or debtor name. Identity Theft Steps to take to prevent identity theft, and what to do if you become a victim. Military Information Helpful information for service members and their families stationed in Missouri, out-of-state, and overseas. Property Tax Credit Find information on who qualifies for the Property Tax Credit, how to apply, and what documents are required to receive the credit.
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